Bitcoin prices consolidated in rangebound trade on Monday, as speculators awaited the next catalyst to influence price direction. BTC/USD inched up 0.02%, or 13 cents, on Slovenia-based BitStamp to trade at $587.28 during U.S. morning hours.

Bitcoin prices were likely to find support at $555.90, the low from July 31, and resistance at $607.20, the high from August 1. Elsewhere, the price of a Bitcoin on Bulgaria-based BTC-e dipped 0.09%, or 50 cents, to trade at $580.50.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency eased down 0.01% to trade at $585.48. Sentiment remained shaky as a wave of technical selling kicked last week after prices dropped below key support levels, triggering fresh sell orders amid bearish chart signals.

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Prices of the virtual currency fell below the key $600-level on July 25, after trading above the mark during the previous 30 days. Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Bitcoin is back to trading above $580 after a short excursion below the figure earlier in the day. BTC prices hit a three day low of $572.69 today before rebounding. We are still in somewhat of a no man’s land. Unless bitcoin can climb back above $600, further gains are uncertain. Similarly, we can’t count on more losses until BTC/USD nears the important support at $550. Here is how today looked on BTC-E. Prices are somewhat higher at $585 per coin on BitStamp.

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